US stock market drops as Apple, Google and Microsoft report significant profits

US stock market drops as Apple, Google and Microsoft report significant profits

Markets in New York sank for the first time in nearly a week, with all three major indexes pulling back from Monday’s record highs. The S&P 500 fell -0.5%, the Dow slipped -0.2%, and the Nasdaq shed -1.2%. Goldman Sachs is joining the crypto ETF craze, having filed an application with the SEC to launch a publicly traded fund focused on crypto-related companies. The OCC, the nation’s top bank regulator, has created a new position to ensure major banks are appropriately managing climate change risk.

This is the web version of Bull Sheet, a straightforward daily email about what’s going on in the markets. Sign up to get it sent to your email for free. Good night, Bull Sheeters. While Bernhard is on vacation, Fortune finance correspondent Rey Mashayekhi is filling in with a special PM version of the newsletter. After the closing bell, three of the world’s top IT businesses—and largest companies in general—opened their records to the public. However, it was a lukewarm day for global stocks in general, with the US market’s winning run ending and China’s tech selloff worsening.

Asian markets had a mixed day Tuesday, with those outside China fairing well; Tokyo’s Nikkei picked up 0.5% and South Korea’s Kospi rose 0.2%. But the Chinese markets continued to reel from Beijing’s crackdown on the private sector, with tech stocks leading Hong Kong’s Hang Seng down -4.2%. On mainland China, Shanghai’s SSE Composite and Shenzhen’s SZSE Component lost -2.5% and -3.7%, respectively. Investors are retreating from Chinese equities amid regulatory fears. Chinese markets saw $2.6 billion in outflows through the first two days of this week, with Cathie Wood’s ARK Invest among those dumping stocks. Private equity and venture capital investors are also fleeing.

Ant Group-backed ride services provider Hello is scrapping its U.S. IPO amid heightened scrutiny of Chinese companies listed on American exchanges. The IMF has cut Asia’s economic growth forecast for this year amid spiking COVID-19 cases and lagging vaccinations. After Monday’s remarkable rally, Bitcoin is now hovering around $39,000. All eyes were on Cupertino, Mountain View, and Redmond on Tuesday, as Apple, Google parent company Alphabet, and Microsoft reported their quarterly results after the market closed. Here are some highlights from what proved a bumper quarter for all three tech giants:

 

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